Condensed consolidating financial information (Tables)

12 Months Ended

Dec. 31, 2015

Condensed consolidating financial information

Condensed Consolidating Balance Sheet

Consolidating Balance Sheet

as of December 31, 2015

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate	$	—	$	—	$	7,629,922	$	—		$	7,629,922
Investment in unconsolidated real estate JVs	—		—		127,212		—			127,212
Cash and cash equivalents	31,982		—		93,116		—			125,098
Restricted cash	91		—		28,781		—			28,872
Tenant receivables	—		—		10,485		—			10,485
Deferred rent	—		—		280,570		—			280,570
Deferred leasing and financing costs	33,505		—		200,588		—			234,093
Investments	—		4,702		348,763		—			353,465
Investments in and advances to affiliates	7,194,092		6,490,009		132,121		(13,816,222		)	—
Other assets	25,007		—		96,396		—			121,403
Total assets	$	7,284,677	$	6,494,711	$	8,947,954	$	(13,816,222	)	$	8,911,120
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	818,217	$	—		$	818,217
Unsecured senior notes payable	2,046,578		—		—		—			2,046,578
Unsecured senior line of credit	151,000		—		—		—			151,000
Unsecured senior bank term loans	950,000		—		—		—			950,000
Accounts payable, accrued expenses, and tenant security deposits	100,294		—		489,062		—			589,356
Dividends payable	61,718		—		287		—			62,005
Total liabilities	3,309,590		—		1,307,566		—			4,617,156
Redeemable noncontrolling interests	—		—		14,218		—			14,218
Alexandria’s stockholders’ equity	3,975,087		6,494,711		7,321,511		(13,816,222		)	3,975,087
Noncontrolling interests	—		—		304,659		—			304,659
Total equity	3,975,087		6,494,711		7,626,170		(13,816,222		)	4,279,746
Total liabilities, noncontrolling interests, and equity	$	7,284,677	$	6,494,711	$	8,947,954	$	(13,816,222	)	$	8,911,120

Condensed Consolidating Balance Sheet

as of December 31, 2014

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Investments in real estate	$	—	$	—	$	7,108,610	$	—		$	7,108,610
Investment in unconsolidated real estate JVs	—		—		117,406		—			117,406
Cash and cash equivalents	52,491		63		33,457		—			86,011
Restricted cash	67		—		26,817		—			26,884
Tenant receivables	—		—		10,548		—			10,548
Deferred rent	—		—		234,124		—			234,124
Deferred leasing and financing costs	35,462		—		166,336		—			201,798
Investments	—		5,235		231,154		—			236,389
Investments in and advances to affiliates	6,874,866		6,295,852		128,943		(13,299,661		)	—
Other assets	19,461		—		94,805		—			114,266
Total assets	$	6,982,347	$	6,301,150	$	8,152,200	$	(13,299,661	)	$	8,136,036
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	—	$	—	$	652,209	$	—		$	652,209
Unsecured senior notes payable	1,747,370		—		—		—			1,747,370
Unsecured senior line of credit	304,000		—		—		—			304,000
Unsecured senior bank term loans	975,000		—		—		—			975,000
Accounts payable, accrued expenses, and tenant security deposits	69,013		—		420,072		—			489,085
Dividends payable	58,525		—		289		—			58,814
Total liabilities	3,153,908		—		1,072,570		—			4,226,478
Redeemable noncontrolling interests	—		—		14,315		—			14,315
Alexandria’s stockholders’ equity	3,828,439		6,301,150		6,998,511		(13,299,661		)	3,828,439
Noncontrolling interests	—		—		66,804		—			66,804
Total equity	3,828,439		6,301,150		7,065,315		(13,299,661		)	3,895,243
Total liabilities, noncontrolling interests, and equity	$	6,982,347	$	6,301,150	$	8,152,200	$	(13,299,661	)	$	8,136,036

Condensed Consolidating Statements of Income

Condensed Consolidating Statement of Income

for the Year Ended December 31, 2015

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental	$	—		$	—		$	608,824		$	—		$	608,824
Tenant recoveries	—			—			209,063			—			209,063
Other income (loss)	12,944			(205		)	28,149			(15,301		)	25,587
Total revenues	12,944			(205		)	846,036			(15,301		)	843,474
Expenses:
Rental operations	—			—			261,232			—			261,232
General and administrative	51,553			—			23,369			(15,301		)	59,621
Interest	79,155			—			26,658			—			105,813
Depreciation and amortization	5,986			—			255,303			—			261,289
Impairment of real estate	—			—			23,250			—			23,250
Loss on early extinguishment of debt	189			—			—			—			189
Total expenses	136,883			—			589,812			(15,301		)	711,394
Equity in earnings of unconsolidated real estate JVs	—			—			1,651			—			1,651
Equity in earnings of affiliates	268,156			238,691			4,704			(511,551		)	—
Gain on sales of real estate – rental properties	—			—			12,426			—			12,426
Income from continuing operations	144,217			238,486			275,005			(511,551		)	146,157
(Loss) from discontinued operations	—			—			(43		)	—			(43		)
Gain on sales of real estate – land parcels	—			—			—			—			—
Net income	144,217			238,486			274,962			(511,551		)	146,114
Net income attributable to noncontrolling interests	—			—			(1,897		)	—			(1,897		)
Net income attributable to Alexandria’s stockholders	144,217			238,486			273,065			(511,551		)	144,217
Dividends on preferred stock	(24,986		)	—			—			—			(24,986		)
Net income attributable to unvested restricted stock awards	(2,364		)	—			—			—			(2,364		)
Net income attributable to Alexandria’s common stockholders	$	116,867		$	238,486		$	273,065		$	(511,551	)	$	116,867

Condensed Consolidating Statement of Income

for the Year Ended December 31, 2014

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental	$	—		$	—		$	544,153		$	—		$	544,153
Tenant recoveries	—			—			173,480			—			173,480
Other income (loss)	12,006			(3,277		)	14,845			(14,330		)	9,244
Total revenues	12,006			(3,277		)	732,478			(14,330		)	726,877
Expenses:
Rental operations	—			—			219,164			—			219,164
General and administrative	45,793			—			22,067			(14,330		)	53,530
Interest	58,159			—			21,140			—			79,299
Depreciation and amortization	5,748			—			218,348			—			224,096
Impairment of real estate	—			—			51,675			—			51,675
Loss on early extinguishment of debt	525			—			—			—			525
Total expenses	110,225			—			532,394			(14,330		)	628,289
Equity in earnings of unconsolidated real estate JVs	—			—			554			—			554
Equity in earnings of affiliates	199,800			188,269			3,665			(391,734		)	—
Income from continuing operations	101,581			184,992			204,303			(391,734		)	99,142
(Loss) income from discontinued operations	(7		)	—			1,240			—			1,233
Gain on sales of real estate – land parcels	—			—			6,403			—			6,403
Net income	101,574			184,992			211,946			(391,734		)	106,778
Net income attributable to noncontrolling interests	—			—			(5,204		)	—			(5,204		)
Net income attributable to Alexandria’s stockholders	101,574			184,992			206,742			(391,734		)	101,574
Dividends on preferred stock	(25,698		)	—			—			—			(25,698		)
Preferred stock redemption charge	(1,989		)	—			—			—			(1,989		)
Net income attributable to unvested restricted stock awards	(1,774		)	—			—			—			(1,774		)
Net income attributable to Alexandria’s common stockholders	$	72,113		$	184,992		$	206,742		$	(391,734	)	$	72,113

Condensed Consolidating Statement of Income

for the Year Ended December 31, 2013

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Revenues:
Rental	$	—		$	—		$	467,764		$	—		$	467,764
Tenant recoveries	—			—			150,095			—			150,095
Other income (loss)	10,423			(74		)	15,912			(12,969		)	13,292
Total revenues	10,423			(74		)	633,771			(12,969		)	631,151
Expenses:
Rental operations	—			—			189,039			—			189,039
General and administrative	43,528			—			17,961			(12,969		)	48,520
Interest	43,284			—			24,668			—			67,952
Depreciation and amortization	5,907			—			183,216			—			189,123
Loss on early extinguishment of debt	1,992			—			—			—			1,992
Total expenses	94,711			—			414,884			(12,969		)	496,626
Equity in earnings of affiliates	220,158			205,993			4,067			(430,218		)	—
Income from continuing operations	135,870			205,919			222,954			(430,218		)	134,525
Income from discontinued operations	347			—			553			—			900
Gain on sales of real estate – land parcels	—			—			4,824			—			4,824
Net income	136,217			205,919			228,331			(430,218		)	140,249
Net income attributable to noncontrolling interests	—			—			(4,032		)	—			(4,032		)
Net income attributable to Alexandria’s stockholders	136,217			205,919			224,299			(430,218		)	136,217
Dividends on preferred stock	(25,885		)	—			—			—			(25,885		)
Net income attributable to unvested restricted stock awards	(1,581		)	—			—			—			(1,581		)
Net income attributable to Alexandria’s common stockholders	$	108,751		$	205,919		$	224,299		$	(430,218	)	$	108,751

Condensed Consolidating Statement Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income

for the Year Ended December 31, 2015

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	144,217		$	238,486		$	274,962		$	(511,551	)	$	146,114
Other comprehensive (loss) income:
Unrealized (losses) gains on “available-for-sale” equity securities:
Unrealized holding (losses) gains arising during the year	—			(21		)	77,391			—			77,370
Reclassification adjustment for losses (gains) included in net income	—			1			(12,139		)	—			(12,138		)
Unrealized (losses) gains on “available-for-sale” equity securities, net	—			(20		)	65,252			—			65,232
Unrealized losses on interest rate swap agreements:
Unrealized interest rate swap losses arising during the year	(5,516		)	—			—			—			(5,516		)
Reclassification adjustment for amortization of interest expense included in net income	2,707			—			—			—			2,707
Unrealized losses on interest rate swap agreements, net	(2,809		)	—			—			—			(2,809		)
Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses arising during the year	—			—			(21,844		)	—			(21,844		)
Reclassification adjustment for losses included in net income	—			—			9,236			—			9,236
Unrealized losses on foreign currency translation, net	—			—			(12,608		)	—			(12,608		)
Total other comprehensive (loss) income	(2,809		)	(20		)	52,644			—			49,815
Comprehensive income	141,408			238,466			327,606			(511,551		)	195,929
Less: comprehensive income attributable to noncontrolling interests	—			—			(1,893		)	—			(1,893		)
Comprehensive income attributable to Alexandria’s stockholders	$	141,408		$	238,466		$	325,713		$	(511,551	)	$	194,036

Condensed Consolidating Statement of Comprehensive Income

for the Year Ended December 31, 2014

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	101,574		$	184,992	$	211,946		$	(391,734	)	$	106,778
Other comprehensive income:
Unrealized gains on “available-for-sale” equity securities:
Unrealized holding gains arising during the year	—			148		50,987			—			51,135
Reclassification adjustment for losses (gains) included in net income	—			292		(650		)	—			(358		)
Unrealized gains on “available-for-sale” equity securities, net	—			440		50,337			—			50,777
Unrealized gains on interest rate swap agreements:
Unrealized interest rate swap losses arising during the year	(4,459		)	—		—			—			(4,459		)
Reclassification adjustment for amortization of interest expense included in net income	6,871			—		—			—			6,871
Unrealized gains on interest rate swap agreements, net	2,412			—		—			—			2,412
Unrealized losses on foreign currency translation:
Unrealized foreign currency translation losses arising during the period	(318		)	—		(17,757		)	—			(18,075		)
Reclassification adjustment for gains included in net income	—			—		(208		)	—			(208		)
Unrealized losses on foreign currency translation, net	(318		)	—		(17,965		)	—			(18,283		)
Total other comprehensive income	2,094			440		32,372			—			34,906
Comprehensive income	103,668			185,432		244,318			(391,734		)	141,684
Less: comprehensive income attributable to noncontrolling interests	—			—		(4,534		)	—			(4,534		)
Comprehensive income attributable to Alexandria’s common stockholders	$	103,668		$	185,432	$	239,784		$	(391,734	)	$	137,150

Condensed Consolidating Statement of Comprehensive Income

for the Year Ended December 31, 2013

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)		Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net income	$	136,217	$	205,919		$	228,331		$	(430,218	)	$	140,249
Other comprehensive income:
Unrealized (losses) gains on “available-for-sale” equity securities:
Unrealized holding (losses) gains arising during the year	—		(438		)	1,738			—			1,300
Reclassification adjustment for losses (gains) included in net income	—		148			(1,331		)	—			(1,183		)
Unrealized (losses) gains on “available-for-sale” equity securities, net	—		(290		)	407			—			117
Unrealized gains on interest rate swaps:
Unrealized interest rate swap gains arising during the year	1,918		—			—			—			1,918
Reclassification adjustment for amortization of interest expense included in net income	15,422		—			—			—			15,422
Unrealized gains on interest rate swaps	17,340		—			—			—			17,340
Unrealized foreign currency translation losses	—		—			(28,912		)	—			(28,912		)
Total other comprehensive income (loss)	17,340		(290		)	(28,505		)	—			(11,455		)
Comprehensive income	153,557		205,629			199,826			(430,218		)	128,794
Less: comprehensive income attributable to noncontrolling interests	—		—			(3,948		)	—			(3,948		)
Comprehensive income attributable to Alexandria’s common stockholders	$	153,557	$	205,629		$	195,878		$	(430,218	)	$	124,846

Condensed Consolidating Statement Cash Flows

Condensed Consolidating Statement of Cash Flows

for the Year Ended December 31, 2015

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	144,217		$	238,486		$	274,962		$	(511,551	)	$	146,114
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	5,986			—			255,303			—			261,289
Loss on early extinguishment of debt	189			—			—			—			189
Gain on sales of real estate – rental properties	—			—			(12,426		)	—			(12,426		)
Impairment of real estate	—			—			23,250			—			23,250
Equity in earnings of unconsolidated real estate JVs	—			—			(1,651		)	—			(1,651		)
Distributions of earnings from unconsolidated real estate JVs	—			—			873			—			873
Amortization of loan fees	7,605			—			3,398			—			11,003
Amortization of debt discounts (premiums)	337			—			(709		)	—			(372		)
Amortization of acquired below-market leases	—			—			(6,118		)	—			(6,118		)
Deferred rent	—			—			(47,483		)	—			(47,483		)
Stock compensation expense	17,512			—			—			—			17,512
Equity in earnings of affiliates	(268,156		)	(238,691		)	(4,704		)	511,551			—
Investment gains	—			—			(35,035		)	—			(35,035		)
Investment losses	—			346			15,747			—			16,093
Changes in operating assets and liabilities:
Restricted cash	(24		)	—			84			—			60
Tenant receivables	—			—			7			—			7
Deferred leasing costs	—			—			(65,415		)	—			(65,415		)
Other assets	(10,797		)	—			1,718			—			(9,079		)
Accounts payable, accrued expenses, and tenant security deposits	28,078			8			15,714			—			43,800
Net cash (used in) provided by operating activities	(75,053		)	149			417,515			—			342,611
Investing Activities
Proceeds from sales of real estate	—			—			129,799			—			129,799
Additions to real estate	—			—			(564,206		)	—			(564,206		)
Purchase of real estate	—			—			(248,933		)	—			(248,933		)
Deposits for investing activities	—			—			(5,501		)	—			(5,501		)
Investments in unconsolidated real estate JVs	—			—			(9,027		)	—			(9,027		)
Investments in subsidiaries	(51,070		)	44,687			1,374			5,009			—
Additions to investments	—			—			(95,945		)	—			(95,945		)
Sales of investments	—			6			67,130			—			67,136
Repayment of notes receivable	—			—			4,282			—			4,282
Net cash (used in) provided by investing activities	$	(51,070	)	$	44,693		$	(721,027	)	$	5,009		$	(722,395	)

Condensed Consolidating Statement of Cash Flows (continued)

for the Year Ended December 31, 2015

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Financing Activities
Borrowings from secured notes payable	$	—		$	—		$	169,754		$	—		$	169,754
Repayments of borrowings from secured notes payable	—			—			(89,815		)	—			(89,815		)
Proceeds from issuance of unsecured senior notes payable	298,872			—			—			—			298,872
Borrowings from unsecured senior line of credit	2,145,000			—			—			—			2,145,000
Repayments of borrowings from unsecured senior line of credit	(2,298,000		)	—			—			—			(2,298,000		)
Repayments of borrowings from unsecured senior bank term loans	(25,000		)	—			—			—			(25,000		)
Transfer to/from parent company	155,194			(44,905		)	(105,280		)	(5,009		)	—
Change in restricted cash related to financing activities	—			—			3,842			—			3,842
Payment of loan fees	(5,825		)	—			(4,759		)	—			(10,584		)
Proceeds from the issuance of common stock	78,463			—			—			—			78,463
Dividends on common stock	(218,104		)	—			—			—			(218,104		)
Dividends on preferred stock	(24,986		)	—			—			—			(24,986		)
Contributions by and sales of noncontrolling interests	—			—			453,750			—			453,750
Distributions to and purchases of noncontrolling interests	—			—			(64,066		)	—			(64,066		)
Net cash provided by (used in) financing activities	105,614			(44,905		)	363,426			(5,009		)	419,126
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(255		)	—			(255		)
Net (decrease) increase in cash and cash equivalents	(20,509		)	(63		)	59,659			—			39,087
Cash and cash equivalents at beginning of period	52,491			63			33,457			—			86,011
Cash and cash equivalents at end of period	$	31,982		$	—		$	93,116		$	—		$	125,098
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	70,946		$	—		$	22,910		$	—		$	93,856
Non-Cash Investing Activities
Changes in accrued capital expenditures	$	—		$	—		$	(10,070	)	$	—		$	(10,070	)
Assumption of secured notes payable in connection with purchase of properties	$	—		$	—		$	(82,000	)	$	—		$	(82,000	)
Non-Cash Financing Activities
Payable for purchase of noncontrolling interest	$	—		$	—		$	(51,092	)	$	—		$	(51,092	)

Condensed Consolidating Statement of Cash Flows

for the Year Ended December 31, 2014

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	101,574		$	184,992		$	211,946		$	(391,734	)	$	106,778
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	5,748			—			218,348			—			224,096
Loss on early extinguishment of debt	525			—			—			—			525
Gain on sales of real estate – rental properties	—			—			(1,838		)	—			(1,838		)
Gain on sales of real estate – land parcels	—			—			(6,403		)	—			(6,403		)
Impairment of real estate	—			—			51,675			—			51,675
Equity in earnings from unconsolidated real estate JVs	—			—			(554		)	—			(554		)
Distributions of earnings from unconsolidated real estate JVs	—			—			549			—			549
Amortization of loan fees	7,355			—			3,554			—			10,909
Amortization of debt discounts (premiums)	232			—			(115		)	—			117
Amortization of acquired below-market leases	—			—			(2,845		)	—			(2,845		)
Deferred rent	—			—			(44,726		)	—			(44,726		)
Stock compensation expense	13,996			—			—			—			13,996
Equity in earnings of affiliates	(199,800		)	(188,269		)	(3,665		)	391,734			—
Investment gains	—			—			(11,613		)	—			(11,613		)
Investment losses	—			3,047			6,240			—			9,287
Changes in operating assets and liabilities:
Restricted cash	(12		)	—			4,153			—			4,141
Tenant receivables	—			—			(673		)	—			(673		)
Deferred leasing costs	17			—			(38,299		)	—			(38,282		)
Other assets	(7,785		)	—			319			—			(7,466		)
Accounts payable, accrued expenses, and tenant security deposits	25,877			—			775			—			26,652
Net cash (used in) provided by operating activities	(52,273		)	(230		)	386,828			—			334,325
Investing Activities
Proceeds from sales of real estate	—			—			81,580			—			81,580
Additions to real estate	(65		)	—			(497,708		)	—			(497,773		)
Purchase of real estate	—			—			(127,887		)	—			(127,887		)
Deposit for investing activities	—			—			(10,282		)	—			(10,282		)
Change in restricted cash related to construction projects and investing activities	—			—			1,665			—			1,665
Investments in unconsolidated real estate JVs	—			—			(70,758		)	—			(70,758		)
Investments in subsidiaries	(334,764		)	(251,358		)	(13,441		)	599,563			—
Additions to investments	—			(150		)	(60,080		)	—			(60,230		)
Sales of investments	—			1,052			17,921			—			18,973
Repayment of notes receivable	—			—			29,883			—			29,883
Net cash used in investing activities	$	(334,829	)	$	(250,456	)	$	(649,107	)	$	599,563		$	(634,829	)

Condensed Consolidating Statement of Cash Flows (continued)

for the Year Ended December 31, 2014

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)		Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Financing Activities
Borrowings from secured notes payable	$	—		$	—	$	126,215		$	—		$	126,215
Repayments of borrowings from secured notes payable	—			—		(231,051		)	—			(231,051		)
Proceeds from issuance of unsecured senior notes payable	698,908			—		—			—			698,908
Borrowings from unsecured senior line of credit	1,168,000			—		—			—			1,168,000
Repayments of borrowings from unsecured senior line of credit	(1,068,000		)	—		—			—			(1,068,000		)
Repayment of unsecured senior bank term loan	(125,000		)	—		—			—			(125,000		)
Redemption of Series D Convertible Preferred Stock	(14,414		)	—		—			—			(14,414		)
Transfer to/from parent company	103			250,749		348,711			(599,563		)	—
Change in restricted cash related to financing activities	—			—		(1,409		)	—			(1,409		)
Payment of loan fees	(6,523		)	—		(1,576		)	—			(8,099		)
Dividends on common stock	(202,386		)	—		—			—			(202,386		)
Dividends on preferred stock	(25,885		)	—		—			—			(25,885		)
Contributions by and sales of noncontrolling interests	—			—		19,410			—			19,410
Distributions to and purchases of noncontrolling interests	—			—		(4,977		)	—			(4,977		)
Net cash provided by financing activities	424,803			250,749		255,323			(599,563		)	331,312
Effect of foreign exchange rate changes on cash and cash equivalents	—			—		(2,493		)	—			(2,493		)
Net increase (decrease) in cash and cash equivalents	37,701			63		(9,449		)	—			28,315
Cash and cash equivalents at beginning of period	14,790			—		42,906			—			57,696
Cash and cash equivalents at end of period	$	52,491		$	63	$	33,457		$	—		$	86,011
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	39,871		$	—	$	18,095		$	—		$	57,966
Non-Cash Investing Activities
Note receivable issued in connection with sale of real estate	$	—		$	—	$	2,000		$	—		$	2,000
Changes in accrued construction	$	—		$	—	$	29,846		$	—		$	29,846
Assumption of secured notes payable in connection with purchase of properties	$	—		$	—	$	(48,329	)	$	—		$	(48,329	)

Condensed Consolidating Statement of Cash Flows

for the Year Ended December 31, 2013

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Operating Activities
Net income	$	136,217		$	205,919		$	228,331		$	(430,218	)	$	140,249
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	5,907			—			184,871			—			190,778
Loss on early extinguishment of debt	1,992			—			—			—			1,992
Loss on sales of real estate – rental properties	—			—			121			—			121
Gain on sales of real estate – land parcels	—			—			(4,824		)	—			(4,824		)
Amortization of loan fees	6,914			—			3,022			—			9,936
Amortization of debt discounts	111			—			418			—			529
Amortization of acquired below-market leases	—			—			(3,316		)	—			(3,316		)
Deferred rent	(82		)	—			(27,853		)	—			(27,935		)
Stock compensation expense	15,552			—			—			—			15,552
Equity in earnings of affiliates	(220,158		)	(205,993		)	(4,067		)	430,218			—
Investment gains	—			(3		)	(7,047		)	—			(7,050		)
Investment losses	—			78			1,402			—			1,480
Changes in operating assets and liabilities:
Restricted cash	(2		)	—			901			—			899
Tenant receivables	—			—			(1,519		)	—			(1,519		)
Deferred leasing costs	(37		)	—			(54,788		)	—			(54,825		)
Other assets	(5,606		)	—			(692		)	—			(6,298		)
Intercompany receivables and payables	3,021			—			(3,021		)	—			—
Accounts payable, accrued expenses, and tenant security deposits	(13,485		)	—			70,443			—			56,958
Net cash (used in) provided by operating activities	(69,656		)	1			382,382			—			312,727
Investing Activities
Proceeds from sales of real estate	10,796			—			143,172			—			153,968
Additions to real estate	—			—			(593,389		)	—			(593,389		)
Purchase of real estate	—			—			(122,069		)	—			(122,069		)
Change in restricted cash related to construction projects and investing activities	—			—			7,655			—			7,655
Investment in unconsolidated real estate JVs	—			—			(17,987		)	—			(17,987		)
Investments in subsidiaries	(236,218		)	(276,022		)	(13,445		)	525,685			—
Additions to investments	—			—			(36,078		)	—			(36,078		)
Sales of investments	—			1,018			15,507			—			16,525
Net cash used in investing activities	$	(225,422	)	$	(275,004	)	$	(616,634	)	$	525,685		$	(591,375	)

Condensed Consolidating Statement of Cash Flows (continued)

for the Year Ended December 31, 2013

(In thousands)

	Alexandria Real Estate Equities, Inc. (Issuer)			Alexandria Real Estate Equities, L.P. (Guarantor Subsidiary)			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
Financing Activities
Borrowings from secured notes payable	$	—		$	—		$	28,489		$	—		$	28,489
Repayments of borrowings from secured notes payable	—			—			(36,219		)	—			(36,219		)
Proceeds from issuance of unsecured senior notes payable	498,561			—			—			—			498,561
Borrowings from unsecured senior line of credit	729,000			—			—			—			729,000
Repayments of borrowings from unsecured senior line of credit	(1,091,000		)	—			—			—			(1,091,000		)
Repayments of unsecured senior bank term loan	(250,000		)	—			—			—			(250,000		)
Repurchase of unsecured senior convertible notes	(384		)	—			—			—			(384		)
Transfer to/from parent company	—			273,089			252,596			(525,685		)	—
Change in restricted cash related to financings	(1		)	—			2,547			—			2,546
Payment of loan fees	(14,383		)	—			(5,545		)	—			(19,928		)
Proceeds from the issuance of common stock	534,469			—			—			—			534,469
Dividends on common stock	(169,076		)	—			—			—			(169,076		)
Dividends on preferred stock	(25,885		)	—			—			—			(25,885		)
Distributions to and purchases of noncontrolling interests	—			—			(3,003		)	—			(3,003		)
Net cash provided by financing activities	211,301			273,089			238,865			(525,685		)	197,570
Effect of foreign exchange rate changes on cash and cash equivalents	—			—			(2,197		)	—			(2,197		)
Net (decrease) increase in cash and cash equivalents	(83,777		)	(1,914		)	2,416			—			(83,275		)
Cash and cash equivalents at beginning of period	98,567			1,914			40,490			—			140,971
Cash and cash equivalents at end of period	$	14,790		$	—		$	42,906		$	—		$	57,696
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, net of interest capitalized	$	37,073		$	—		$	22,784		$	—		$	59,857
Non-Cash Investing Activities
Note receivable issued in connection with sale of real estate	$	29,820		$	—		$	9,000		$	—		$	38,820
Change in accrued construction	$	—		$	—		$	(21,310	)	$	—		$	(21,310	)